Mental health and insurance network Alma raises $130 mn in Series D funding

Alma, a membership-based network that helps independent mental health care providers accept insurance and “build thriving private practices,” announced $130 million in Series D funding led by Thoma Bravo, with participation from Cigna Ventures, Insight Partners, Optum Ventures, Tusk Venture Partners, Primary Venture Partners, and Sound Ventures.

Founded in 2018, Alma offers mental health providers the support and infrastructure they need to accept insurance and run their small business. When providers join Alma, they gain access to insurance support, teletherapy software, automated billing and scheduling tools, and a community of clinicians that come together for education, training, and events.

Over the past 12 months, Alma scaled its network over 3X to 8,000 mental health providers that are licensed to practice in all 50 states.

By centering therapists at the forefront, Alma is creating a sustainable business model that helps providers accept insurance, grow their private practice, and reach more people seeking care. Over the past year, we scaled our services to offer in-network mental health care in all 50 U.S. states, helping people find much-needed care during their greatest moments of need.

Alma founder and CEO Dr. Harry Ritter

“Alma’s unique provider-first approach to mental health care allows providers to deliver high quality patient care while also making it as easy as possible for them to start and grow their practices. Alma is providing tremendous value to key ecosystem participants: increased access for patients, insurance and billing support for providers, and valuable, diverse networks for payers. We look forward to leveraging our significant software and healthcare sector expertise to support the company’s continued growth.” – Ross Devor, a partner at Thoma Bravo.

“Earlier this year, Alma joined Evernorth’s behavioral health network and we continue to be impressed with their shared vision to bring high quality, affordable mental health care to the customers we serve. With this investment in Alma and their growing network, we can accelerate how we drive access to diverse in-network therapists, allowing our customers to access care when and where they need it most. We believe that Alma is well positioned to make this a reality and look forward to supporting their efforts to expand access to care with this innovative model.” – Tom Richards, global leader for strategy and business development at Cigna.

by Peter Sonner